The Federation Account Allocation Committee (FAAC) has disbursed the sum of N693.529 billion as of September allocation to be shared among the Federal Government, all state governments including the Federal Capital Territory and 774 local government areas in Nigeria.
This was made known in the FAAC meeting headed by the Accountant-General of the Federation (AGF) Ahmed Idris, when he said the N693.529 billion comprised revenue from Value Added Tax (VAT), exchange gain and gross statutory revenue. He also said that the balance in the excess crude account was $323.692 million.
In the shared revenue, the Federal Government received N293.801 billion, while the states got N186.816 billion, and the local government councils received N140.864 billion. The oil-producing states got N51.532 billion as 13% derivation revenue, while the revenue-generating agencies received N20.517 billion as cost of revenue collection.
In the gross statutory revenue of N599.701 billion, the Federal Government received N279.985 billion, the states received N142.012 billion, while the local government councils received N109.485 billion. The oil-producing states received N51.417 billion as 13% derivation revenue and the revenue collecting agencies got N16.802 billion as cost of collection.
The N92.874 billion gotten from Value Added Tax (VAT) revenue was shared accordingly in which the Federal Government received N13.374billion, the States received N44.580 billion, and local government councils received N31.206 billion and the revenue-generating agencies received N3.715 billion.